The Opening Bell: Where currencies start on Thursday, May 18, 2017

Global equity markets and the US dollar are sharply lower on the back of ongoing political turmoil surrounding the Trump administration. The latest accusations are that Donald Trump interfered with the FBI’s investigation into his former National Security Advisor Michael Flynn. Trump is accused of asking former FBI director James Comey to end the federal investigation into his former national security adviser, Michael Flynn. The news comes hot on the heels that Trump shared highly classified information with Russian officials.

The political uncertainty has seen investors flock to safe-havens with the JPY and gold benefitting the most.

Overnight Euro-zone inflation for the month of April printed in line with economist’s estimates, increasing to 1.9% following on from March’s 1.5% result.

UK unemployment edged lower in Q1 with the Office for National Statistics report showing the unemployment rate now sits at 4.6%, down from 4.7% in Q4 2016. Economists had expected the unemployment rate to remain at 4.7%.

NZ has no scheduled economic data releases due out today although the NZDAUD cross rate will be dictated by the monthly Australian employment report due to be released at 13:30.